Hello,

I enter the contest by @boylikegirl.club

How to accumulate wealth?

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To accumulate wealth it is important to have multiple sources of income. Unless you are reach and you have a very well payed job, you need to have different streams of earnings.

Your work is important but if you don't earn much you have to look for alternative jobs such as blogging or selling used items or crafts. Those who have the house available can rent a room.

But working hard is not the only thing to do because it is also important to save and not spend money on too many superfluous assets. First you spend too much and your money will be lost quickly, second the money saved can be invested in other activities or can be set aside to earn interest.

Furthermore, the money spent should be dedicated to long-lasting assets so that their cost is worth over the years. Conversely, disposable goods are of low quality and are almost an unnecessary expense.

Even when you are young you have to think about the future and how you can live when you are old. Indeed it is important to be able to live well with a pension or an annuity.

Finally, I also consider some forms of insurance as a source of wealth that allow you to avoid problems in the event of damage suffered or illness.

Another way to accumulate wealth is to avoid debt and pay off items in loans. While it's impossible for many to buy a house without the mortage, it's always possible to buy other assets like phones, TVs, computers, and even cars without getting into debt. Instead of buying in payments you can buy a cheaper model. Or you can buy the same model used.

This is what I think to do to accumulate wealth.

Thank you!